Startup Information

Starting a business is an exciting and often a fulfilling process. It takes courage and determination along with planning and hard work. To ensure that you are starting on the right step, it is of absolute necessity that you take the time to develop a business plan. The business plan development process brings to mind considerations that may have otherwise been neglected.
 
The Small Business Administration (SBA) is a great resource that is ready and able to assist you in developing your business plan. The SBA can also help you grow and finance your business. Their website is an excellent place to start www.sba.gov. I’ve gathered the following information from the SBA’s website to assist you with starting your business:
 
1: List your reasons for wanting to go into business. Some of the most common reasons for starting a business are:

• Self-management
• Financial independence
• Creative freedom
• Full use of personal skills and knowledge

2: Next determine what business is right for you. Ask yourself these questions:

• What do I like to do with my time?
• What technical skills have I learned or developed?
• What do others say I am good at?
• Will I have the support of my family?
• How much time do I have to run a successful business?
• Do I have any hobbies or interests that are marketable?

3: Identify your business niche. Research and answer these questions:

• What business am I interested in starting?
• What services or products will I sell?
• Is my idea practical, and will it fill a need?
• What is my competition?
• What is my business's advantage over existing firms?
• Can I deliver a better quality service?
• Can I create a demand for my business?

4: The final step before developing your plan is the pre-business checklist. You should answer these questions:

• What skills and experience do I bring to the business?
• What legal structure will I use?
• How will my company's business records be maintained?
• What insurance coverage will be needed?
• What equipment or supplies will I need?
• How will I compensate myself?
• What are my resources?
• What financing will I need?
• Where will my business be located?
• What will I name my business?

Your answers will help you create a focused, well-researched business plan that will serve as a blueprint for business operations, management, and capitalization.
 
Once you have completed your business plan, review it with a friend or business associate. When you feel comfortable with the content and structure, review and discuss it with your banker. The business plan is a flexible document that should change as your business grows.
 
Be sure to visit the local SBA office in your area. Tell them Blackentrepreneurship.com sent you!